俄罗斯Nornickel维持2025年镍产量预估不变

Core Viewpoint - Nornickel maintains its nickel production outlook for 2025 at 196,000-204,000 tons, despite challenges faced in the previous quarters due to seasonal flooding and equipment replacement [1] Group 1: Nickel Production - In Q3 2025, Nornickel's nickel production increased by 18% compared to the previous quarter, reaching 54,000 tons, attributed to processing more raw materials accumulated in Q2 [1] - The company attributes a 4% decline in nickel production over the first nine months to the need for replacement of Western mining equipment [1] Group 2: Palladium Production - Palladium production in Q3 decreased by 6% to 617,000 ounces, also impacted by transportation disruptions at Dudinka port [1] - The company noted that the longer production cycle for palladium contributed to the decline in output [1] Group 3: Operational Adjustments - Nornickel's COO, Evgeniy Fedorov, indicated that the adjustments in production were due to the Polar Division mine transitioning to new mining equipment, which temporarily reduced ore output [1]